A new tool from New York City-based discount brokerage RealDirect Inc. gives homebuyers the inside scoop on which homes might be the best deals in The Empire City.
Based on a custom algorithm designed to suss out and analyze comparable homes, RealBargain serves up bargains customized to a buyer's home search with an emphasis on those with low prices-per-square-feet relative to "comparable" homes.
The tool mines property descriptions for key words like "bright" and "renovated" that allow it to filter out and find comparable homes, said Doug Perlson, co-founder and CEO of RealDirect. For example, properties described as "light" and "dark" will have very different prices and thus wouldn't be compared, he said.
The tool surfaces "properties that we consider to be highly desirable" that fall in the bottom 20th percentile of the homes compared in terms of price, Perlson said.